The Federal Government’s attempt to dismantle industry superannuation funds member-focussed model will be to the detriment of retirement savings, Industry Super Australia (ISA) believes.
ISA pointed to SuperRatings monthly data that found on average industry funds had outperformed bank-owned funds by more than two per cent over 10 years.
ISA chief executive, David Whiteley, said: “There is no doubt that the governance of industry super funds is a key driver of their superior outperformance”.
“Member-first governance and culture is the reason industry super funds have consistently outperformed bank-owned super funds,” he said.
Whiteley noted that the Government had not advanced any evidence that their proposals would improve returns for members.
